Funding arb · Price arb /

ORDI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0139%/8h= −15.2% APRpaid last 24h −0.031%

Price spread now: KuCoin against GMX+0.124%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on GMX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. KuCoin is 0.124% dearer against GMX than usual: you sell high and buy low (spread +0.124% now, against zero (this spread has no 7-day history yet)): +$12 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 3.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ORDI/USD [WBTC.b-USDC]	4.8443	L +0.0239% / S −0.3359%	pay 0.0030% / 1h	4m 44s	$8K	—	100x
Short	KuCoin ORDIUSDTM	4.8503	0.0100	get 0.0050% / 4h	1h 04m	$974K	$880K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee GMXbpFee KuCoinbpOrdersPrice spread, now +0.124%Rate

Funding earned: −$29.17
Price spread: +0.124% → 0.000%: $12.37
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$40.8
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; KuCoin: live order book, 50 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy GMX no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 50 min ago	7.87 bp	30.7 bp −$31	570.0 bp −$5,700	doesn't fit	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ORDI on 19 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_ORDIUSD	−0.0353%	1h	4.8442	−0.003%	$71K	$45K	25x	as long as short
dYdX ORDI-USD	0.0000%	1h	4.8490	+0.097%	$33K	$651	5x	as long as short
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−5.972%	$776	$20K	5.5x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.8492	+0.100%	$13K	$429K	5x	as long as short
Binance ORDIUSDT	+0.0100%	4h	4.8547	+0.215%	$10.0M	$33.7M	50x	as long as short
Bybit ORDIUSDT	+0.0100%	4h	4.8480	+0.076%	$4.2M	$4.6M	50x	as long as short
OKX ORDI-USDT-SWAP	+0.0100%	4h	4.8510	+0.138%	$5.2M	$17.4M	20x	as long as short
Gate ORDI_USDT	+0.0100%	4h	4.8480	+0.076%	$1.3M	$2.8M	50x	as long as short
MEXC ORDI_USDT	+0.0100%	4h	4.8540	+0.200%	$6.8M	$3.4M	200x	as long as short
KuCoin ORDIUSDTMshort	+0.0100%	4h	4.8503	+0.124%	$974K	$880K	50x

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ORDIUSDT	+0.0100%	4h	4.8540	+0.200%	$2.9M	$3.5M	50x	as long as short
BingX ORDI-USDC	+0.0100%	4h	4.8450	+0.014%	—	$2.3M	—	as long as short
Variational Omni ORDI	+0.0100%	4h	4.8436	−0.016%	$24K	$55K	—	as long as short
SunX ORDI-USDT	+0.0100%	4h	4.8410	−0.068%	$1K	$1.2M	20x	as long as short
HTX ORDI-USDT	+0.0100%	4h	4.8440	−0.006%	$80K	$395K	75x	as long as short
Extended ORDI-USD	+0.0104%	1h	4.8528	+0.175%	$5K	$190K	5x	as long as short
BloFin ORDI-USDT	+0.0125%	4h	4.8550	+0.221%	$604K	$303K	75x	as long as short
GMX ORDI/USD [WBTC.b-USDC]long	L +0.0239% / S −0.3359%	1h	4.8443	long leg	$8K	—	100x
Hyperliquid ORDI	+0.0288%	1h	4.8647	+0.421%	$700K	$662K	3x	as long as short